RT Journal Article
SR Electronic
T1 Making the Case for Customer Prototyping for Financial Planners to Increase Savings Behavior
JF The Journal of Wealth Management
FD Institutional Investor Journals
SP 25
OP 29
DO 10.3905/jwm.2015.18.1.025
VO 18
IS 1
A1 Michael Bentley
YR 2015
UL https://pm-research.com/content/18/1/25.abstract
AB Evidence has shown that personal savings behaviors are at low levels for individuals within the United States, with the problem only being enhanced by low levels of financial literacy among the general population. Failure to properly plan for retirement, unemployment, poor borrowing strategies, and debt are all attributed to ignorance of basic financial concepts. While steps have been taken to analyze effectiveness and promote financial education and literacy, it solves only one facet of improving savings behavior. Thus, privatesector financial planning firms need to implement customer prototyping on the microeconomic level to improve savings behavior of individuals of varying market segments.TOPICS: Wealth management, in wealth management